The 78-year-old was found near-naked and tied-up, reported Fox News Latino. He was found alongside the body of his 57-year-old friend from Croatia.
Police discovered the bodies in a home in Jenipabu (also spelled Genipabu), Rio Grande. The two men were tied up and had bags over their heads, with local authorities deeming it likely that the pair had died from suffocation.
Sweden's Foreign Ministry confirmed the death, but said that further details were scarce.
"A man in his seventies has died in Brazil, according to the information we have," a ministry spokesperson told the Aftonbladet newspaper. "The circumstances are a little unclear and we don't have any official confirmation of the death from the Brazilian authorities."
The ministry added that the Swedish ambassador in Brazil was in contact with Brazilian authorities, and that the relatives of the deceased Swedish man had been informed.
Local media reported that a woman in the home had likely let the killers into the house and that valuables were missing from the home.